Microfinance News Digest

Muthoot Finance to raise Rs 1400 Crore via IPO in March 2011 – ND5

Gold financing company Muthoot Finance will raise up to Rs 1,400 crore through an initial share sale offer, which is expected to begin in the last week of this month. HBL

muthoot finance in India

No decision yet on curbing MFI funding: SBI
On the first day of the National Microfinance Conference in New Delhi on Tuesday, State Bank of India’s chief general manager of rural business Jayanta Sinha said that there was no policy decision by the country’s largest lender to stop lending to microfinance institutions (MFIs) and that lending would resume once the uncertainty in the sector subsides.TFE

NPCI to charge banks for mobile transactions
The National Payments Corporation of India (NPCI) will charge 10 paise to remitting banks for every mobile transaction on the Inter Bank Mobile Payment Service (IMPS) from April 1, 2011. BS

Lenders, MFIs at odds over CDR route
Lenders to microfinance institutions (MFIs) have approached the Corporate Debt Restructuring (CDR) mechanism for seven large MFIs, including SKS Micro Finance, Basix and Spandana. However, some of these MFIs, including SKS, have conveyed to the banks they would not like to be a part of the mechanism as they have enough funds to meet repayment obligations.BS

SKS Microfinance opts against debt restructure
SKS Microfinance , India’s largest and only publicly listed microfinance institution, announced on Wednesday it will choose financing from banks and financial institutions over a corporate debt restructure, according to a company filing. Reuters

SKS Microfinance to securitise Rs 700 cr non-AP loans
The country’s only listed microfinance institution, SKS Microfinance Ltd, is in the process of securitising Rs 700 crore of its loan portfolio in States other than Andhra Pradesh. HBL

Tardy progress of Financial Inclusion in Orissa
The Financial Inclusion Plan (FIP) in Orissa is progressing at a sluggish rate. Out of the 1878 unbanked villages identified in the state under FIP, progress for opening of bank branches has been made in only 270 villages till the end of December last year. According to deadline set by the Reserve Bank of India (RBI), all these unbanked villages are to be covered by March 2012. BS

Malegam views on MFIs leave banks uneasy
The Malegam Committee’s report on microfinance institutions (MFIs) was being seen as bringing relief to low-income borrowers. However, it has made banks apprehensive about the proposed framework. The functioning of MFIs might be affected if the stringent norms suggested by the committee were implemented, bankers said. BS

Sequoia Capital plans to deploy US$600 million in 2-3 years
Venture capital major Sequoia Capital is planning to deploy about $600 million (Rs2,715 crore) in the Indian market in the next three to four years. DNA

Rating Agency Crisil To Foray Into I-banking
The I-banking practise will have a clear SME focus; To Target deals in the $5M-$50M range.VCC


This is the fifth installment of weekly News Digest (ND5).The News Digest comprises of news summaries, press releases and important statements related to microfinance, banking, financial services and financial inclusion in India.

Read previous News Digests here

1 Comment

1 Comment

  1. VISHWAS S ADIVAREKAR

    March 25, 2011 at 12:42 am

    inform me the date of IPO muthoot finance
    and what is the review

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